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Sell Yosemite, Hold a Smithsonian Yard Sale

Let's see, the Bureau of Land Management holds 253 million acres. At $2,000 per acre . . .

By

Terry L. Anderson

And D. Bruce Johnsen

Dec. 27, 2012 6:16 p.m. ET

Facing the "fiscal cliff," perhaps the president and Congress should start thinking in terms of the "foreclosure crisis." All lenders, whether a local home-loan bank or the Chinese government, expect to be repaid either from the borrower's income or, if that is insufficient, from the sale of assets. Where does that leave the U.S. government?

It seems unlikely that Washington could repay its debts by raising more tax revenue. After all, Chris Cox and Bill Archer reported in these pages that the Treasury could...